The Finance Minister Smt. Nirmala Sitharaman will chair the 51st Goods and Service Tax Council Meeting today in New Delhi through video conferencing.
The meeting will be attended in presence of Union Minister of State for Finance Pankaj Chaudary along with Finance Ministers of State and Union Territories (with legislatures) besides Senior Officials from Union Government and States.
The members today will discuss the approvals and changes proposed in the GST Law.
The 50th GST meeting conducted on 11 th july 2023 introduced various changes in the imposition of GST on online gambling, Horse racing and also amended schedule 3 of the GST Act, 2017.
Thus, the 51st Council also will discuss the issue of online gaming and horse racing. The council announced that online gaming and Horse racing will be subject to 28% GST rate based on the full face value amount.
The gaming companies and their CEOs said that the decision may hamper the new start-up growth and they requested the government to revoke the decision.
The 51st GST council may provide clear definition in respect of actionable claims and include online money gaming. Moreover, the council may make strict rules and measures for online gaming and gaming applications and platforms that help to avoid taxes.
The 50th council recommended GST exemptions to cancer medicines and medical food products, rare medicines. Further, it also reduced the GST rate of certain products such as Uncooked, unfried snacks.
Also Read: 50th GST Council Meeting: Key Highlights
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